Because the average vacation home is more than 200 miles away from most owners’ primary residences, having a reliable property manager can make renting and maintaining a second property easy. While this is common knowledge for most property managers and real estate agents, homeowners sometimes hesitate to hire support due to the cost. When helping a potential customer or referral understand the value (and even necessity) of a property manager, we recommend highlighting these five benefits:
Understanding the market is a key element in successfully pricing and leasing a vacation home. Property managers know when peak season falls, what demand looks like, and how to position properties in the market to get reliable renters and maximize returns. Many factors can influence the rental cycle and price, including your customers’ proximity to the ocean, access to popular community attractions such as golf courses, theaters and much more. Property managers understand these correlations and can work with renters and real estate agents alike to make these connections successfully.
Most property managers have close relationships with real estate agents and a strong presence in the community. Whether the property manager leverages real estate agents’ connections or generates referrals through word-of-mouth recommendations, owners can expect greater exposure to potential vacation-goers than relying solely on listing sites and newspaper ads. Oftentimes, property managers can help post these ads or reach out to real estate agents near the end of a lease period to ensure seamless transition between one occupant and the next.
Although we like to think all guests will be respectful and courteous, that isn’t always the case. A property manager can help negotiate the details of the rental, facilitate leasing documentation, and handle issues that may arise during a guest’s stay.
Renting or leasing a second home often comes with a laundry list of local and regional regulations. Property managers keep an eye on zoning changes, community notices and rental policies to ensure that property owners are up to date on all legal, insurance and liability matters.
Natural wear and tear is bound to occur, and a property manager can take care of routine maintenance or secure reliable vendors and repair teams that can save money on tools and labor. This saves the owner the time, potential travel costs and logistical headaches involved in completing these repairs.